Budget 2020 – New law will guarantee access to cash machines across the UK
MILLIONS of people who rely on cash will have guaranteed access to ATMs across the UK under new legislation announced today in the Budget 2020.
The elderly and rural communities are just some of the people that depend on withdrawing money to pay for goods and services.
In his first Budget as Chancellor, Rishi Sunak said new laws will be put in place to ensure everyone who needs cash can access it.
The Treasury said the Chancellor will discuss future plans with banks and regulators including the Bank of England, Financial Conduct Authority and Payment Systems Regulator.
The Treasury announced: "The government will bring forward legislation to protect access to cash for those who need it.
"This will ensure industry continues to meet the changing needs of cash users."
Around two million people in the UK still use cash for their day-to-day transactions, according to findings from an Access to Cash review first published in 2018.
The report went on to warn how the country’s “cash infrastructure” - which costs £8billion to run and was used by 50 million people that year - is on the verge of collapse due to a rise in contactless spends.
In fact, latest research by the independent body, published this year, predicts the UK could be virtually cashless by 2028.
John Howells, CEO of LINK, said: "We are delighted to see the government is taking action.
"Though the UK is moving towards a digital economy, it is vital that we protect free cash access as long as people need it."
The Budget also unveiled plans to give the parents of 500,000 children better access to funds to help pay for before and after school care.
Plus, duty freezes have been announced on ALL alcohol for only second time in 20 years.
Employees who receive the National Living Wage will see their salary increase to £10.50 an hour by 2024.